Livepeer completes the & # 39; Merkle Mining & # 39; process, free the bandwidth of Ethereum

Livepeer completes the & # 39; Merkle Mining & # 39; process, free the bandwidth of Ethereum

Livepeer, a video transcoding service based on the Ethereum network, has just completed the "Merkle Mining" process, freeing up the bandwidth of Ethereum. However, the distribution of LPT did not seem to have much effect when it came to creating a gas supply war, considering that the prices of Ethereum transactions remained reasonable.

Through its official twitter feed, the company announced the results of the token distribution as follows:

https://twitter.com/LivepeerOrg/status/1047523767122087936

Participation model delegated to the merit test

Livepeer's network uses a model of participation in which a group of transcoders composed of 15 individuals provides video services, receiving LPT prizes in return. It is therefore safe to say that it has a form of "proof of the delegated game". The blog post of the company states that:

"Participants who passively hold LPT tokens and do not connect to transcoders are economically incentivized to do so or suffer a dilution, and from a dilution perspective, participants who can maximize their LPT liquid assets may be able to accumulate holdings in the network comparable to those of the first investors, who are acquiring and delegating LPT slowly over time. "

The LPT token is not exchanged in exchanges and is used exclusively as a utility token in Livepeer's ecosystem.

Congestion on the Ethereum network

Congestion on the Ethereum network It was a serious challenge, calling into question that the network is able to host numerous distributed apps. As of now, many dApps do not create an increase in gas prices due to low usage.

In particular, it was also difficult to synchronize the whole Ethereum blockchain, which is currently larger than 1 terabyte. Moreover, the ethereal hashrate has a downward trend, reaching almost the minimum of three months, which makes the economy of Ethereum less attractive.

A technology enthusiast, CoinHoarder, decided to run a test on the Ethereum network to determine if the network has the ability to carry many distributed apps. From his findings, he stated that:

"I heard that getting the #Ethereum blockchain to sync is a challenge, so I decided to run an experiment to see it all in. After running all night, it seems like I was only able to download 11.5 Gb of the blockchain from 1 TB + My last node received a block 11 hours ago … "